Financials: Mar. Bonds are currently 25 lower at 143’27, 10 Yr. Notes 7 lower at 120’25 and 5 Yr. Notes 1 lower at 114’17.2. Quite a volatile week as the Bond market traded as high as the mid 147’s to current levels, staging sharp rallies and sharp breaks in response to moves in Equities. Volatility was also a factor especially in Equities as ETF’s tied to being short volatility imploded as these short position holders of the VIX were forced to cover as the VIX rallied losing a guesstimate 80% of equity. All that being said, we tried the long side of the market at 147’00 only to be quickly stopped out with a 15-20 tick loss. I am on the sidelines at the moment believing that for the most part 3-4 rate hikes are priced into the market. Of note: the yield curve between the 10 and 30 yr. has widened to 31 basis points from a low of 24. The yield on the 30 Yr. Bond is currently 3.13% and the 10 Yr. Note 2.82.
Grains: Mar. Corn is currently fractionally higher at 365’4, Mar. Beans 1’6 higher at 984’6 and Mar. Wheat 2’6 lower at 457’0. Corn and Beans have been edging higher due to good export demand and some predictions of drought conditions. There is a Grain Report (supply/demand) midsession this morning. I am momentarily on the sidelines looking to get long Corn on a 10’0+ break.
Cattle: Live and Feeder Cattle rallied early in the week and have since retreated somewhat. As mentioned last week I moved short Feb. LC into the Apr. contract which is expected to open below the 124.00 level this morning. My average entry-level for this position is the 123.35 area.
Silver: Mar. Silver is currently 10 cents higher at 16.33 about 90 cents below the level of last week’s “Report”. I remain long and wonder if I’m being FOMO (fear of missing out). I welcome comments.
S&P’s: Mar. S&P’s are currently 13.00 higher 2681.25. This market currently too volatile for me at current levels for reasons mentioned in the Financials segment at the beginning of this “Report”.
Currencies: AS of this writing the Mar. Euro is 16 lower at 1.22895, the Yen 25 lower at 0.9136, the Pound 137 higher at 1.4036 and the Dollar Index lower at 90.095. Continue to trade the Pound from the long side. I am also long the Mar. Pound 1.45 call currently at 20 points ($125.00).

Past results are not necessarily indicative of future results. Investing in futures can involve substantial risk of loss & is not suitable for everyone. Trading foreign exchange also involves a high degree of risk. The leverage created by trading on margin can work against you as well as for you, and losses can exceed your entire investment. Before opening an account and trading, you should seek advice from your advisors as appropriate to ensure that you understand the risks and can withstand the losses.

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mnemenoff@pricegroup.com
Past results are not necessarily indicative of future results. Investing in futures can involve substantial risk of loss & is not suitable for everyone.
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Past results are not necessarily indicative of future results. Investing in futures can involve substantial risk of loss & is not suitable for everyone. Trading foreign exchange also involves a high degree of risk. The leverage created by trading on margin can work against you as well as for you, and losses can exceed your entire investment. Before opening an account and trading, you should seek advice from your advisors as appropriate to ensure that you understand the risks and can withstand the losses.
The information and data in this report were obtained from sources considered reliable. Their accuracy or completeness is not guaranteed and the giving of the same is not to be deemed as an offer or solicitation on our part with respect to the sale or purchase of any securities or futures. The Price Futures Group, its officers, directors, employees, and brokers may in the normal course of business have positions, which may or may not agree with the opinions expressed in this report. Any decision to purchase or sell as a result of the opinions expressed in this report will be the full responsibility of the person authorizing such transaction. Reproduction and/or distribution of any portion of this report are strictly prohibited without the written permission of the author. Trading in futures contracts, options on futures contracts, and forward contracts is not suitable for all investors and involves substantial risks.

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